The markets opened the new year on the downside with the latest manufacturing report suggesting a stalled economy. The Dow lost 112 points to 13,152 while Nasdaq dropped 19 points to 2632.
On the upside
Washington Mutual (NYSE: WM) was one of the few financial services companies on the upside as the sector started the new year on a pessimistic note.
Positive outlook for gold prices boosted gold companies like Goldcorp (NYSE: GG).
On the downside
National City (NYSE: NCC) which operates one of the nation's largest banks in Midwest states announced plans to cut it dividend and eliminate jobs.
VeriFone Holdings (NYSE: PAY) expected more delays in its effort to file amended quarterly reports for 2007.
Shares of National CineMedia (Nasdaq: NCMI), a subsidiary of Regal Entertainment, fell on worries of lower demand for its advertising format.
In the broad market, declining issues outpaced advancers by a margin of 5 to 4 on the NYSE and by a margin of 5 to 3 on Nasdaq. The Russell 2000 which tracks small cap stocks fell 7 points to 758.